U.S. Sanctions Major Russian Energy Companies

The move follows a U.S. decision to cancel plans for a peace summit in Budapest.

LUKOIL is spelled out in white letters against a red and black background. October 22, 2025, 5:42 PM Comment icon View Comments ( )

Russia’s War in Ukraine

Understanding the conflict three years on.

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The U.S. Treasury Department on Wednesday levied sanctions against Russia’s two largest oil companies in what the agency framed as a response to Russia’s failure to commit to a peace process in Ukraine.

“Given President [Vladimir] Putin’s refusal to end this senseless war, Treasury is sanctioning Russia’s two largest oil companies that fund the Kremlin’s war machine,” Treasury Secretary Scott Bessent said in a statement. “Now is the

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